Department for Work and Pensions loading Pensions and Welfare on PAYG

Sterling Travel Cards Pay As You Go Travel Money Cards where People will live longer, but end up poorer with Pay as you go travel money cards

As the average life expectancy increases, the chances of having a pension pay that is below our needs increases too. A new study has found that pensioner poverty will rise due to the new life expectancy figures released recently. 20 year olds are three times more likely to reach 100 than people of their grandparent's age (80 year olds) and are twice as likely to reach 100 as people of their parent's generation (50 year olds).

The study for prepaid travel cards, published recently the Department for Work and Pensions (DWP), also revealed that a baby born this year is almost eight times more likely to reach 100 than one born in 1931.

The more years people live for, however, the worse their pension will be.

New research by a leading company specialist in retirement income reveals that the increase in years that people live for will dramatically increase pensioner poverty. That will result in a long term decline in conventional annuities, where income cannot rise with inflation.

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It is also worth noting that between June 2016 and December 2017, increased life expectancy has already contributed towards conventional annuity rates falling by an average of 7.9%. Long term decline in returns, says the study, can be expected too.

Furthermore, it also states that the current level of annual household expenditure -where the main occupant is aged 75 and over- is more than £16,000; this means that someone between their 75th and 100th birthday, would need to find around £400,000 to live - not including inflation.

Combined with falling annuity rates, this trend is expected to lead to more pensioners falling below the poverty line.

"On the face of it, people living longer is good news, but we should not overlook the fact that this puts a huge financial burden on people, and that it will push Thousands of pensioners below the poverty line,” said Aston Goodey, Sales and Marketing Director at MGM Advantage.

Planning your retirement finances is important in order to save towards your future. Therefore, comparing and analysing the current bank accounts available is crucial so you can choose the one that best matches your needs and financial situation.

Pay as you go travel money cards look exactly like any major credit cards and when you use it to pay for a transaction in the UK or when you use it overseas on holiday no one would know it was a pay as you go travel money card as it works exactly like any other card. In fact your prepaid travel cards will go through faster as the money is already confirmed on your account so you only spend whats there on your prepaid travel card account.